M.Y. Safra Bank Ups All Online Promo CD Rates

POSTED ON BY

Deal Summary: Online Promo CDs – 12-month (2.06% APY), 18-month (2.13% APY), 24-month (2.31% APY), 36-month (2.41% APY), 48-month (2.55% APY), 60-month (2.66% APY) $5k min deposit, new money.

Availability: Nationwide

As the first anniversary of M.Y. Safra Bank’s (MYSB) Online Promo CDs nears, the Bank has raised the rates on all these products. MYSB introduced the Online Promo CDs in March 2017, as its first foray into internet banking. A minimum of $5k of new money is required to open any of the Online Promo CDs.

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.80%$5k-M.Y. Safra Bank60 Month Online Promo CD (New Money)
2.57%$5k-M.Y. Safra Bank48 Month Online Promo CD (New Money)
2.56%$5k-M.Y. Safra Bank36 Month Online Promo CD (New Money)
2.31%$5k-M.Y. Safra Bank24 Month Online Promo CD (New Money)
2.18%$5k-M.Y. Safra Bank12 Month Online Promo CD (New Money)
2.13%$5k-M.Y. Safra Bank18 Month Online Promo CD (New Money)
Rates as of April 23, 2018.

Since March 2017, the Online Promo CD APYs have steadily risen, with each having added between 54 and 73 bps. While all the new APYs qualify for inclusion in this week’s CD Rates Summary, the 12-, 36-, 48-, and 60-month Online Promo CDs are the most competitive.

As stated in the Truth-In-Savings Disclosure (page 24), the Early Withdrawal Penalty (EWP) reads as follows:

The penalty will be an amount equal to the greater of credited or 90 days interest.

The very mild EWP increases the competitiveness of the 60-month Online Promo CD. DA’s EWP Calculator shows what the effective yields would be on a month-by-month basis. For example,

  • 2.24% APY, closed at 18 months
  • 2.34% APY, closed at 2 years
  • 2.45% APY, closed at 3 years
  • 2.51% APY, closed at 4 years

M.Y. Safra Bank's online application states,

If funding your new accounts by electronic transfer from another financial
institution, please have ready their routing number and your account number.

Based on that statement, I had hoped that funds from a maturing CD could be distributed in the same manner. According to CSR, the Bank’s standard practice is to issue a check upon maturity, but the funds could be sent by wire for a $20 fee.

In the course of our conversation, CSR also mentioned that Social Security numbers are required when naming any beneficiaries.

Availability

Headquartered in New York City, M.Y. Safra Bank can trace its beginnings to when T. Rowe Price Group Inc., sold its Baltimore-based T. Rowe Price Savings Bank in 2013 to New York financier and banker, Jacob Safra. The sale of the Bank was prompted by new regulations affecting the banking industry.

According to the promo page fine print, the Online Promo CDs can be opened by all “U.S. natural persons depositing new funds” and must be opened online.

MYSB's sole full-service branch is located in Manhattan on Park Avenue at 59th Street.

Bank Overview

M.Y. Safra Bank, has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 0.00% (excellent, and not a typo), based on September 30, 2017 data. In the past year, MYSB has increased its total non-brokered deposits by $63 million, an excellent annual growth rate of 41.5%. Please refer to our financial overview of M.Y. Safra Bank (FDIC Certificate # 35154) for more details.

How the Online Promo CD Specials Compare

When compared to the 207 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available nationally, M.Y. Safra Bank’s 12-Month Online Promo CD APY currently ranks third.

When compared to the 201 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available nationally, M.Y. Safra Bank’s 36-Month Online Promo CD APY currently ranks second.

When compared to the 170 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available nationally, M.Y. Safra Bank’s 48-Month Online Promo CD APY currently ranks second.

When compared to the 182 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available nationally, M.Y. Safra Bank’s 60-Month Online Promo CD APY currently ranks third.

The above rates are accurate as of 2/28/2018.

To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.

Related Pages: New York CD rates, 1-year CD rates, 5-year CD rates, nationwide deals, Internet banks

Comments
M.Y. Safra Bank Increases Online Promo CD Rates
Deal Summary: Online Promo CDs – 12-month (1.90% APY), 18-month (2.06% APY), 24-month (2.02% APY), 36-month (2.32% APY), $5k min deposit, new money.

Availability: Nationwide

Ten months ago, M.Y. Safra Bank unveiled its new Online CD Specials, as part of the Bank’s venture into internet banking. Re-branded as “Online Promo CDs,” they continue to offer competitive rates, while still requiring a minimum opening deposit of $5k of new money. M.Y. Safra Bank raised the rates on four of the Online Promo CDs today, with...

Continue Reading
M.Y. Safra Bank Ups 1-Year Online CD Special
Deal Summary: 1-Year Online CD Special, 1.70% APY, $5k min/$250k max, new money

Availability: Nationwide

I wrote this piece on Friday morning, after seeing that M.Y. Safra Bank (MYSB) had raised the rate on its 1-Year Online CD Special to 1.76% APY. As I was proofing my blog post, I double-checked MYSB’s website and saw that in the two hours since I began writing, the rate had been changed to 1.70% APY. My first thought was that an error had been made and was subsequently...

Continue Reading
M.Y. Safra Bank Boosts Rates On Online CD Specials
Deal Summary: 1-Year CD Special, 1.48% APY; 18-Month CD Special, 1.57% APY; 3-Year CD Special, 1.93% APY; $5k min/$250k max, new money.

Availability: Nationwide

In March, I wrote about M.Y. Safra Bank’s new Online CD Specials, which are part of the Bank’s foray into internet banking. M.Y. Safra Bank has just raised the rates on all the Online CD Specials, with the 1-Year (1.48% APY), 18-Month (1.57% APY), and 3-Year (1.93% APY) being the most competitive. The Special CDs require a minimum $5k opening deposit...

Continue Reading
M.Y. Safra Bank Adds Direct Online Money Market

UPDATE: 8/3/17 - Availability is now limited to "New York Tri State Area."

Deal Summary: Direct Online Money Market Account, 1.10% APY, $5k min/$500k max.

Availability: Nationwide New York Tri State Area

New York-based M.Y. Safra Bank (MYSB) has added a Direct Online Money Market account, which is available only to existing customers. This new account earns 1.10% APY on balances between $5k and $500k, and the stated APY is guaranteed through December 31, 2017. A minimum $5k of new money is required to open...

Continue Reading
M.Y. Safra Bank Features Online Special CDs

Deal Summary: 1-Year Special CD, 1.36% APY; 2-Year Special CD, 1.58% APY; 3-Year Special CD, 1.81% APY; $5k minimum, new money.

Availability: Nationwide

New York-based M.Y. Safra Bank is currently promoting three online Special CDs: 1-Year Special CD, 1.36% APY; 2-Year Special CD, 1.58% APY; and 3-Year Special CD, 1.81% APY. All three Special CDs require a minimum $5k opening deposit of new money. M.Y. Safra Bank offers a "Jumbo" version of the Special CDs that requires a minimum $100k deposit, but the APY is...

Continue Reading


The financial institution, product, and APY (Annual Percentage Yield) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your region. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. The content displayed is for general information purposes only; always verify account details and availability with the financial institution before opening an account. Contact feedback@depositaccounts.com to report inaccurate info or to request offers be included in this website. We are not affiliated with the financial institutions included in this website.